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KyberSwap Review 2024: What We Do & Don’t Like
Swen Keller
- URL: https://kyberswap.com/
- Headquarter: Central Region, Singapore
- Year Founded: 2017
- Platform App: Web, Mobile, Desktop
- No. of Cryptos: 1,000+
- Native Token: Yes - KyberSwap Network Crystal (KNC)
- Fiats Available: 50+ Currencies including USD, GBP, EUR, and CAD
- Withdraw Method: Non-custodial hot wallet or Cold Wallet (Trezor, MetaMask, Ledger, Wallet Connect, Coinbase Link)
- Payment Method: MoonPay or Wyre for fiat and Non-custodial hot wallets or Cold Wallets (Trezor, MetaMask, Ledger, Wallet Connect, Coinbase Wallet
- KYC Verification: Yes (For users buying tokens with fiat currency)
KyberSwap Review: Our Opinion
KyberSwap is a transparent decentralized exchange that provides adequate information and educational resources about its mission, goals, and services.
The DEX aggregator also has a large selection of liquidity aggregation sources (more than 75 DEXs) providing industry-standard rates.
In addition, the platform enables users to buy and sell tokens using fiat currency. This, however, requires KYC according to Singapore’s regulation, which may discourage traders who cherish the anonymity of decentralized finance.
An Overview of KyberSwap
Tagged as DeFi’s open and permissionless liquidity backbone, KyberNetwork, headquartered in Singapore, is behind KyberSwap, which is its flagship product. Kyber Network is a block-chain based liquidity hub that connects liquidity from different sources to enable crypto trades at the best rates.
Founded in 2017, KyberSwap is a next-generation DEX aggregator that seeks to provide better than industry-average rates for crypto traders.
Currently, KyberSwap is responsible for over 100 integrated projects and has facilitated more than US$17 billion in transactions for its thousands of traders since its inception in 2017.
KyberSwap is deployed on over 13 blockchains including Avalanche, Arbitrum, Cronos, Fantom, ZkSync, Polygon, Ethereum, Optimism, Oasis, Velas, BitTorrent, and Solana.
It also connects liquidity from more than 80 decentralized exchanges and different sources to provide the best rates.
KyberSwap offers a solution suite beyond its swap service to achieve its goal of creating an open and decentralized liquidity backbone for the DeFi space, which includes the following: KyberSwap Interface, KyberSwap Aggregator, KyberSwap Widget, Limit Order, KyberSwap Bridge, KyberSwap AI, and KyberSwap Cross-Chain Swaps.
It also offers liquidity solutions in its suite of decentralized finance products.
Pros
- Large selection of cryptocurrencies
- It supports the purchase of crypto with fiat
- Large selection of Liquidity Aggregation sources
- Beginner-Friendly
- It offers staking rewards
Cons
- It charges high fees for using its pools
- KYC is required to purchase crypto with fiat
Key Features of KyberSwap
KyberSwap Liquidity Pools
KyberSwap offers 2 pools: KyberSwap Elastic And KyberSwap Classic.
The Liquidity Pools are open to anyone willing to provide liquidity to KyberSwap by depositing tokens. This includes both Traders and Token teams.
The liquidity pools allow users to stake KNC tokens and earn passive income. All they need to do is to deposit their KNC tokens and start earning.
KyberSwap already has thousands of users and several decentralized applications that are providing and using its liquidity.
KyberSwap Liquidity can be accessed by anyone for their use cases, this includes aggregators and decentralized applications.
As already stated, becoming a liquidity provider on the exchange is easy. No KYC or sign-up is required and there are no extra deposit or withdrawal fees. You can even list your tokens on KyberSwap permissionless.
The tutorials are primarily video classes. After completing the course, you’ll have to finish a basic quiz testing what you’ve understood. Upon completion, you’ll receive a reward in the same digital asset as the course completed.
KyberSwap Elastic
This liquidity pool was launched to meet the demand for customized liquidity positions. It gives liquidity providers the ability to specify a price range for their liquidity positions while still maximizing returns through greater capital efficiency and the auto-compounding of yields.
The Elastic liquidity pool can reduce slippage for traders. This is achieved by market forces incentivizing liquidity to be concentrated within the most actively traded price ranges.
KyberSwap Classic
Before the launch of Classic, the standard AMM model was inadequate in optimizing price spreads and capital efficiency. The capital was deployed across all pools regardless of the price correlation between unique token pairs.
This coupled with the fact that the same fees were charged regardless of market volatility lowered the incentives of liquidity providers.
LPs could not charge a premium for market making during volatile periods when the risk of impermanent loss was greatly magnified because their funds were left unutilized.
With the creation of KyberSwap Classic, the network can maximize yields and encourage deeper market liquidity.
It self-adjusts trading feeds to take advantage of existing market conditions and amplifies capital utilization while simultaneously reducing slippage for traders.
Kyber Network Crystal
Kyber Network Crystal is the utility and governance token of the Kyber Network. It is an integral part of the Kyber Network and is traded under the ticker name KNC.
The Kyber Network token is an ERC-20 governance token native to the Ethereum Mainnet.
KNC token holders can participate in the KyberDAO governance process by staking their tokens and voting with KNC on issues and governance proposals that can shape the future of the Kyber ecosystem.
They can provide value to liquidity providers by proposing several Kyber Network Crystal initiatives like liquidity mining rewards on the network on top of standard crypto trading fees.
KNC holders also enjoy several benefits including protocol trading fee distribution and gas refunds. Also, KNC holders can stake KNC tokens and vote to receive trading fees generated on KyberSwap.
KNC also enables the KyberDAO to shape token behavior and upgrades this makes the token more adaptable and provides better support for growth and innovation.
The Kyber Network Crystal is dynamic, it can be upgraded, minted, and burned by the KyberDAO for growth and liquidity.
Asides from KyberSwap, the Kyber Network Crystal can be bought on other crypto exchanges like Binance, MexcGlobal, Huobi Global, Kraken, KuCoin, eToro, UpBit, Gate.io, Coinbase, Bithumb, Tokocrypto, Gemini, OKX, etc.
The KyberSwap Network Crystal can be stored in several Web3 wallets including Ledger, MetaMask, Coin98, Krystal, Mew, Trezor, Trust Wallet, Enjin etc.
Cryptocurrencies Available on KyberSwap
KyberSwap supports over 1,000 tokens across over 13 blockchains.
Supported cryptocurrencies include USD Coin, Ether, Dai, Tether, Aave, Arbitrum, ApeCoin, PancakeSwap Token, Curve DAO Token, Bob Token, Fringe, Gnosis Token, Graph Token, Chihuahua, Everest ID, Chainlink Token, Decentraland MANA, Matic Token, Mask Network, Wrapped BTC, Tether, Wrapped Memo, Wrapped Ether etc.
The exchange supports the following blockchains AVALANCHE, Arbitrum, Aurora, BNB Chain, BitTorrent, Fantom, Cronos, Ethereum, Polygon, Oasis, Linea Testnet, Optimisim, Velas, Solana, and zkSync Era.
Can You Buy and Sell NFTs on KyberSwap?
No, you cannot buy and sell NFTs on KyberSwap. The KyberNetwork project only supports cryptocurrencies.
KyberSwap Review: Fees
KyberSwap of the Kyber Network is a fully on-chain service that supports multi-chain crypto trading. This means that crypto traders that create transactions on the blockchain will have to pay network fees based on their transactions.
These network fees are dynamic as they depend on the network being used to facilitate the transaction (Polygon, Avalanche, Ethereum, etc), chain congestion at the point of the transaction, and the complexity of the smart contract transaction in execution.
In addition, while the DEX does not charge users trading fees directly but it does indirectly.
It allows liquidity providers (users involved in depositing tokens for earning rewards) to set fees on their liquidity pools and users who decide to use these pools to carry out their swaps will have to pay trading fees to the respective liquidity providers plus all accrued network fees.
KyberSwap then takes 10% of the fees collected by liquidity providers, which it states goes to the KyberSwap Governance DAO called KyberDAO.
KyberSwap Payment Methods
KyberSwap is a decentralized crypto exchange therefore it only directly supports non–custodial hot wallets and cold wallets including Trezor, MetaMask, Ledger, Wallet Connect, MetaMask, Coin98, and Coinbase Wallet.
However, for users who want to buy tokens with fiat, it integrates with third-party payment processors MoonPay and Wyre, which enable trades via bank transfer, credit card and debit card (Visa and MasterCard), Google Pay, and Apple Pay.
KyberSwap Review: Security
KyberSwap is a non-custodial exchange, this means that users’ funds are not held by KyberSwap except when a trade is being executed. Users are responsible for the security of their crypto assets.
For security, it uses a multi-sig wallet for executing all admin actions.
KyberSwap, KyberDAO, and all their associated smart contracts have been audited by leading audit teams in the blockchain industry including Hacken and ChainSecurity.
Since the platform is entirely on-chain, users can verify and audit the smart contract.
That said, on 17 April 2023, the Kyber Network announced a vulnerability in the Elastic pool which could result in the double-counting of liquidity deposits under a specific condition. While no funds were lost to the vulnerability, Elastic pools and farms were paused and all users were asked to withdraw their funds from the identified contracts.
On 25 May 2023, the Kyber Network announced that the affected Elastic protocol and farm contracts have been updated to fix the error. The network also implemented enhanced security measures like the launch of a real-time monitoring page, improved UX controls, enhanced warning notices, etc to eliminate any future vulnerability.
KyberSwap Staking Rewards
KyberSwap offers staking rewards on its native token, the Kyber Network Coin (KNC). However, these staking rewards are dynamic and depend on trade volume and the proportion of trading fees agreed on by the KyberDAO for voting rewards.
Individual stakers of the Kyber Network Coin receive their share of rewards after an epoch based on the amount of KNC staked during that epoch and the number of campaigns voted on. This is in proportion to the total voting points of all stakers.
To receive full rewards, stakers must vote on all campaigns in an epoch. Stakers who did not vote will not receive rewards.
KyberSwap Supported Countries
KyberSwap is available in over 100 countries globally. Supported countries include Dubai, Germany, France, Australia, South Africa, Canada, Singapore, etc.
In nations where local regulations prohibit its offerings, access to it is not an option. Restricted regions encompass Russia, Yemen, Zimbabwe, Palestine, North Korea, Iran, Myanmar, and Cuba.
Opening a KyberSwap Account
KyberSwap is a decentralized exchange, which means that it does not collect, store, or process personal details – it does not offer accounts.
To use the exchange, you just need to connect your Web3 wallet to the platform and you’ll be able to use all features. To do so, click the “Connect Wallet” button at the upper right of the page.
This will cause the Wallet Selection menu to pop up showing various connection options.
Trading Experience on KyberSwap
KyberSwap offers a basic trading experience similar to other decentralized exchanges like Uniswap and PancakeSwap.
On launching the web app, traders just need to connect their Web3 wallet and then swap their tokens for other coins. Kyber Network’s Swap also offers a Limit feature that enables trades using limit orders as well as a cross-chain swap service.
KyberSwap Customer Support
KyberSwap offers customer service via email through a contact form on the support page.
The platform also has a robust Help Center and Documentation which customers can check if they need help with any aspect of the platform.
Customer Satisfaction
KyberSwap customer service is not effective. Response from the team is very slow and often unhelpful.
The only support channel that seems to work is the platform’s group chat on Telegram and Discord. But the customer service through this channel is poor and scammers also create profiles looking like the KyberSwap team to swindle customers.
Does KyberSwap offer Education?
Yes, KyberSwap offers a vast selection of educational resources which include tutorial videos on how to use the platform, and an exhaustive docs section covering the DeFi space.
Is KyberSwap Right For You?
KyberSwap is right for users looking for easy-to-use decentralized exchanges that enable trades cross-chain and support fiat currency purchases.
Final Thoughts
KyberSwap is truly a next-gen decentralized exchange that stands out for its large selection of DeFi products and ease of use.
However, KyberSwap charges high fees for using its liquidity pools and requires that investors who stake KNC tokens vote on governance proposals to earn rewards.
Our extensive analysis of the Decentralized Crypto Exchanges doesn’t stop here. You can also read about our Covo Finance review as an alternative to KyberSwap or you can check out our full list of best decentralized exchanges.
FAQ
Most frequent questions and answers
KyberSwap is a decentralized aggregator. This means it does not store your cryptocurrencies or personal data. So the safety of your cryptocurrencies is dependent on you.
The Kyber Network, the company behind the KyberSwap product is located in Singapore. Kyber Network is a multi-chain crypto trading and liquidity hub, that enables trades at the best rates.
The native token of Kyber, the KNC token, is based on Ethereum.
Yes, KyberSwap has a mobile app.
We always try to provide the most accurate information available, and make sure our team follow through.
If you want to know more about our Crypto Exchanges Review Methodology follow the link below
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